Egm

[Tenement Funster]

If it's during half term I'm away and would need to send my votes by proxy (especially as I have more than the minimum!!).

[Santa]

I believe that when VAST disbanded, the shares were transferred over to the Football In The Community thingy so maybe Jim Cooper may have control over them. Not sure.

[NWLV]

Does Roy Bowden still have all his shares and John Goodwin

[Pete T]

I believe that when VAST disbanded, the shares were transferred over to the Football In The Community thingy so maybe Jim Cooper may have control over them. Not sure.

 

I was at the (small) meeting in the George hotel bar when this was discussed and I believe you are correct. VaST shares (about 1200 odd?) had to go to another relevant charity when it was despanded.

[Utch]

Special Resolutions require 75% pass. This includes changing the 24.9% barrier, bringing down the share ownership qualification to be a director from £50K to £10K.

 

To vote the board off only needs 50% +1.

 

If we fail in the vote to reduce the share qualification, and succeed in removing the board this would leave the club without any directors.

 

The board will try to say that this is illegal. However, it is legal, although serious.

 

Companies House would give leeway for this to be resolved. New shares could be issued without being blocked and therefore new directors would be able to be voted on.

 

Job done!

 

Thanks for that. So is the first vote at the EGM going to be to scrap the 24.9% rule? This would open the door for Mo's original bid to be legally accepted but will there be a vote on that at the EGM? Or will we have to wait and force the board's hand with it?

 

If the above is unsuccessful, will a vote then go on removing each Director? Or will this be done anyway?

 

Does Charles Machin (still) have shares?

 

I was thinking about that yesterday. If he does, it would be interesting to see where his loyalties lie and how much of an influence he has. Unfortunately he was removed as a Director before the first set of accounts were published and so his shareholding wasn't disclosed. I'm sure someone will have it somewhere though.

 

I believe that when VAST disbanded, the shares were transferred over to the Football In The Community thingy so maybe Jim Cooper may have control over them. Not sure.

 

Don't Bill Bratt and Graham Mudie control that?

[Santa]

According to the 2008 annual return, Charles Machin holds 2452 shares, worth £12260. I very much doubt he's added to his shareholding since then.

[vale in the blood]

Sorry if already been asked,but im not sure abt things. Basically will this egm get rid of them,or will it b all dwn to seo?

[Howjy04]

According to the 2008 annual return, Charles Machin holds 2452 shares, worth £12260. I very much doubt he's added to his shareholding since then.

 

Not a bad little chunk though.===

[Utch]

Not a bad little chunk though.===

 

Not forgetting that since the AGM, those calling the EGM can now count on the votes of Mike Thomstone, Paul Humphries and Broxap.

 

That is another decent sized chunk.

 

I'm not sure why the B&G lot are so pessimistic. I think they'll do quite well here.

[valiantmonkey]

The way to attend the meeting is to buy some shares. Otherwise you can have an opinion but you will be stood outside. If you don't buy a ticket you can't win a prize! As for the agenda of the EGM I suspect the board will set the order of that and may put their own items on it as well as those requested.

[Ben]

Not forgetting that since the AGM, those calling the EGM can now count on the votes of Mike Thomstone, Paul Humphries and Broxap.

 

That is another decent sized chunk.

 

I'm not sure why the B&G lot are so pessimistic. I think they'll do quite well here.

 

Are you sure about Paul he is for the 24.9% rule

[VantaaVale]

Didn't I read somewhere that Mike Lloyd is against the 24.9% rule?

[Howjy04]

The way to attend the meeting is to buy some shares. Otherwise you can have an opinion but you will be stood outside. If you don't buy a ticket you can't win a prize! As for the agenda of the EGM I suspect the board will set the order of that and may put their own items on it as well as those requested.

 

I'm selling tickets.£10 inside £5 outside .;)

[Heatwave]

My understanding is that two directors are required for a company of the nature of Port Vale. I can imagine that some administrative time will be given but the club would not be in a position to make decisions at board level during that time unless the resigning directors / discharged directors stay on until the situation is regularized.

 

From my prior knowledge of company law - which is nearly 30 years old and may now be out of date - a private limited company has to have at least two directors.

 

If that's the case, then I think that would have to be true for both PVFC (V2001) Ltd and Grindco. I think it could also be the same people.

[Leicestershire Valiant]

If the Board pad out the agenda so that the important stuff is way down and likely not to be discussed, can somone not call a point of order and propose a motion that a particular item is brought to the top of the agenda.

 

Another thought: a small venue may be chosen deliberately to ensure that the anti-board voters who may only have a few shares each can't all get in. If 900 people try to attend and the fire safety limit is only 300, then 600 people won't be able to get in and I suspect they would not be able to vote, so it may well be important to get all the votes available distributed as proxy votes among 100 or so people, and ensure that those people get into the meeting. If you can't vote, then don't take the place of someone who can!